Cibus Nordic Real Estate AB (publ) and Järntorget partner to develop rental apartments.

Cibus is a property company focusing on daily goods retail properties in Sweden and Finland. Järntorget has extensive experience of project development and of managing residential properties. The companies are now initiating a collaborative effort to generate additional value from current and future properties owned by Cibus in Sweden. This could, for example, involve unused land, underused parking areas, etc.

"We are pleased to have entered into a collaboration agreement with an experienced housing developer like Järntorget. This will ease and hasten the process of realising additional value from our property portfolio and increasing the attractiveness of our retail locations. In addition, both Cibus and Järntorget share the same values, with high ambitions in terms of sustainability. I look forward to our long-term collaboration," says Peter Lövgren, CIO Sweden at Cibus.

Common to most of Cibus' properties is that new detailed development plans are required for housing to be developed. Järntorget will advance the planning process to the stage at which a detailed development plan has gained legal force, following which, the companies will set up a company, in which each holds 50 percent, to develop and sell the housing projects. Järntorget and Cibus have ambitious sustainability goals for the upcoming projects. Where possible, the homes will be built sustainably of wood, using Järntorget subsidiary Bomodul's flexible construction system and all of the homes will carry the Nordic Swan ecolabel.

"We are proud to have been entrusted with participating in the development of Cibus' extensive Swedish property portfolio and are convinced that the potential to develop housing here is good. We are also pleased to have a partner who shares our ambitions in terms of sustainability and who considers building homes of wood as an important aspect in reducing the impact on the climate. We look forward to a productive long-term collaboration," says Carl Bohman, Business Area Manager for Project Development, Rental Housing.

26 may 2021